Avaya top telecoms; UTStarcom sinks

New CEO at AT&T takes over, iPhone coming soon

WASHINGTON (MarketWatch) -- Shares of Avaya Inc. gained more than 3% on a fresh report of a potential buyout, but UTStarcom Inc. fell more than 12% after saying it plans to remain independent, to highlight action Monday in the telecommunications sector.

Two private-equity firms are close to buying Avaya
AV, -1.03%
for $17 a share, The Wall Street Journal reported Monday. See full story.

Shares of AT&T Inc. were little changed. On Sunday, the company officially named Randall Stephenson as chief executive, replacing longtime CEO Edward Whitacre Jr., 65, who retired after 17 years at the helm.

Also Sunday, Apple Inc. acknowledged that its much-anticipated iPhone will go on sale June 29. AT&T will be the only wireless company to offer the phone initially.

Tracking key sector indexes, the Dow Jones Wilshire Fixed Line Telecommunications Index was flat at 1452 points. In the past year, the index has ranged from a high of 1,477 points to a low of 984.

The Dow Jones Wilshire Telecommunications Equipment Index was also unchanged at 6,748 points.

Over the past year, the index has ranged from a high of 6,819 points to a low of 5,118.

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